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This study aimed to understand (1) the association between the use of discretionary accruals and financial derivatives, taking into consideration the implementation of revised PSAK 55 (1999), which was adopted from SFAS 133; (2) the combined effects of derivatives and discretionary accruals on the value relevance of earnings and equity. The analysis used panel data regressions and the Wald test over the period from [2001][2002][2003][2004][2005][2006][2007][2008]. The results showed a positive or complementary association between derivatives and discretionary accruals. The positive association implied that managers tended to intensify the use of discretionary accruals to offset a higher use of derivatives. Price and return models demonstrated negative significant effects of derivatives on the value relevance of earnings. The return model showed negative significant effects of discretionary accruals on the value relevance of earnings but negative effects on the value relevance of equity with the price model. Abstrak:Tujuan penelitian untuk mengetahui (1) hubungan penggunaan derivatif keuangan setelah implementasi PSAK 55 (1999) yang diadopsi dari SFAS 133 terhadap penggunaan discretionary accruals; (2) pengaruh derivatif dan discretionary accrual terhadap relevansi nilai dari laba dan ekuitas. Analisis menggunakan regresi panel data dan uji Wald, periode tahun 2001-2008. Hasil penelitian menunjukkan derivatif dan discretionary accrual memiliki hubungan positif atau komplementer. Pengaruh derivatif terhadap relevansi nilai laba menggunakan model harga dan return menunjukkan arah negatif, namun tidak ada pengaruh terhadap relevansi nilai ekuitas. Pengaruh discretionary accruals terhadap relevansi nilai laba menggunakan model return menunjukkan arah negatip dan model harga menunjukkan arah negatif terhadap relevansi nilai ekuitas.

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